Fintech PR

Artmarket.com: according to our long-term data, art made in 1964 has generated more auction turnover than art made in any other year of the 20th century

Published

1 year ago

June 27, 2023

PARIS, June 27, 2023 /PRNewswire/ — May’s auction results in New York showed that after all the records set by the Paul G. Allen, Anne H. Bass, and Thomas Ammann collections, 2023 began with relative sobriety. In an interview with journalist Amy Shaw for the Art Newspaper at Art Basel, art dealer Dominique Lévy said he detects the presence of a “clear correction”. Artprice takes this opportunity to review the acceleration of the art market since the beginning of the 21st century, via a quick look at the works that the market values the most.

Auction turnover (2000-2022) by year of creation in painting
Photo – https://mma.prnewswire.com/media/2141769/year_of_creation_in_painting.jpg

“The analysis of auctions results is a fascinating way to examine the evolution of Art History”, explains thierry Ehrmann, President of Artmarket.com and Founder of Artprice. “Our databases, have collected objective and comprehensive Fine Art auction data for more than 30 years from all over the world. They therefore provide an extraordinary tool for studying the appetites of collectors and revealing what our contemporaries value the most”.

The triumph of Pop Art

In 1964, Andy Warhol, Roy Lichtenstein, Robert Rauschenberg, and Ed Ruscha were at the peak of their careers and these four artists all have auction price records for works created that year, in the midst of the Cold War, just a few months after the assassination of President J.F. Kennedy. These records, to which must be added more than thirteen thousand other auction results for artworks made that year, make 1964 the year-of-creation that generated the greatest volume of auction turnover in the period 2000 to 2023 (twenty-two years), all creative periods combined: $2.48 billion.

Having fetched the second best art auction result of all time at $195 million on 9 May 2022 at Christie’s in New York, Andy Warhol’s Shot sage blue Marilyn (1964) is now a sort of figurehead for that year (1964). Although from a market perspective the previous two years were just as important for Warhol, 1964 is also remembered in the art world for another reason: in 1964 Robert Rauschenberg won the Grand Prize at the Venice Biennale. Indeed, promoted by Leo Castelli (and perhaps even supported by the CIA), in 1964 Pop Art imposed itself in the art world thereby consolidating a significant shift of art (and the art market) to the West… a transfer of power from Paris to New York on the international scene. The way this transfer came about has been the subject of intense discussion.

Top 15 auction prices for artworks produced in 1964
Photo – https://mma.prnewswire.com/media/2141770/artworks_produced_in_1964.jpg

Abstraction, Pop Art and Expressionism

In the mid-1960s, several major artists of the first half of the 20th century were still creating important works. Pablo Picasso, Alberto Giacometti, and René Magritte were still active. In Asia, Li Keran and Fu Baoshi were perpetuating the art of traditional Chinese painting by giving it very personal touches of modernity, while in Europe Zao Wou-Ki and some of his compatriots were exploring Lyrical Abstraction. In England, a new generation was making its mark: David Hockney was 27 in 1964, Frank Auerbach was 33 and Lucien Freud was 42. They were just at the beginning of their careers, but that year Francis Bacon, aged 55, painted some of his best portraits.

In the United States, Mark Rothko, Barnett Newman, Willem De Kooning, and Clyfford Still were still exploring Abstract Expressionism and Jackson Pollock had passed away a few year back, while a new artistic revolution was emerging: Pop Art. It was this movement that truly imposed America on the international art scene and the international art market. The works themselves were often brilliant and eye-catching but they also often contained covert or less-covert criticism of the American dream. In France, Pierre Soulages has already painted his best canvases, but a new Expressionist scene was beginning to emerge in Germany, with Gerhard Richter and Sigmar Polke, Georg Baselitz, and Anselm Kiefer, among others. Their work unfolded over many years and therefore did not produce the same concentration of market value as the American Pop Art movement.

The success of this movement was notably due to a relatively small number of series of works on which collectors focused heavily, and these series were created by the great names of American Pop Art and were generally worked and reworked for a few years… around 1964.

Sources

Art Basel may be busy, but cautious sales reflect a complex market picture, Amy Shaw, The Art Newspaper, le 15 June 2023.
https://www.theartnewspaper.com/2023/06/15/art-basel-may-be-busy-but-cautious-sales-reflect-a-complex-market-picture

1964: Pop Art arrives in Europe, a betrayal as seen from France, Thomas Snégaroff, France Info, 2 October 2015.
https://www.francetvinfo.fr/replay-radio/histoires-d-info/1964-le-pop-art-debarque-en-europe-une-trahison-vue-de-france_1788541.html

Market analysis of works created by the Warhol-Basquiat duo exhibited at the Louis Vuitton Foundation, Artprice, 25 April 2023
https://www.artprice.com/artmarketinsight/works-co-signed-by-jean-michel-basquiat-and-andy-warhol-are-currently-showing-at-the-fondation-louis-vuitton-in-paris

Images:

[https://imgpublic.artprice.com/img/wp/sites/11/2023/06/image1-1964-artmarket-com-auction-turnover-by-year-of-creation-in-painting.png]
[https://imgpublic.artprice.com/img/wp/sites/11/2023/06/image2-1964-artmarket-com-top-15-auction-prices-artw Roy Lichtenstein orks-produced-in-1964.png]

Don’t hesitate to contact our Econometrics Department for your requirements regarding statistics and personalized studies: econometrics@artprice.com
Try our services (free demo): https://www.artprice.com/demo
Subscribe to our services: https://www.artprice.com/subscription

About Artmarket:

Artmarket.com is listed on Eurolist by Euronext Paris, SRD long only and Euroclear: 7478 – Bloomberg: PRC – Reuters: ARTF.

Discover Artmarket and its Artprice department on video: www.artprice.com/video

Artmarket and its Artprice department was founded in 1997 by its CEO, thierry Ehrmann. Artmarket and its Artprice department is controlled by Groupe Serveur, created in 1987.

See certified biography in Who’s who ©: Biographie-thierry-Ehrmann_WhosWhoInFrance.pdf

Artmarket is a global player in the Art Market with, among other structures, its Artprice department, world leader in the accumulation, management and exploitation of historical and current art market information in databanks containing over 30 million indices and auction results, covering more than 817,000 artists.

Artprice by Artmarket, the world leader in information on the art market, has set itself the ambition through its Global Standardized Marketplace to be the world’s leading Fine Art NFT platform.

Artprice Images® allows unlimited access to the largest Art Market image bank in the world: no less than 180 million digital images of photographs or engraved reproductions of artworks from 1700 to the present day, commented by our art historians.

Artmarket with its Artprice department accumulates data on a permanent basis from 7200 Auction Houses and produces key Art Market information for the main press and media agencies (7,200 publications). Its 7.2 million (‘members log in’+social media) users have access to ads posted by other members, a network that today represents the leading Global Standardized Marketplace® to buy and sell artworks at a fixed or bid price (auctions regulated by paragraphs 2 and 3 of Article L 321.3 of France’s Commercial Code).

Artmarket, with its Artprice department, has twice been awarded the State label “Innovative Company” by the Public Investment Bank (BPI), which has supported the company in its project to consolidate its position as a global player in the art market.

Artprice by Artmarket’s Global Art Market Report, “The Art Market in 2022“, published in March 2023: https://www.artprice.com/artprice-reports/the-art-market-in-2022

Artprice releases its 2022 Ultra-Contemporary Art Market Report: https://www.artprice.com/artprice-reports/the-contemporary-art-market-report-2022

The Artprice 2022 half-year report: the art market returns to strong growth in the West: https://www.artprice.com/artprice-reports/global-art-market-in-h1-2022-by-artprice-com

Index of press releases posted by Artmarket with its Artprice department: https://serveur.serveur.com/artmarket/press-release/en/

Follow all the Art Market news in real time with Artmarket and its Artprice department on Facebook and Twitter:

www.facebook.com/artpricedotcom/ (over 6.3 million followers)
twitter.com/artmarketdotcom
twitter.com/artpricedotcom

Discover the alchemy and universe of Artmarket and its artprice department https://www.artprice.com/video headquartered at the famous Organe Contemporary Art Museum “The Abode of Chaos” (dixit The New York Times): https://issuu.com/demeureduchaos/docs/demeureduchaos-abodeofchaos-opus-ix-1999-2013